Jervis sells $4,300 of its accounts receivable to Northem Blank in order to obtain necessary cash. Northem an chargen factoring fee What entry should Jervis make to record the transaction? Multiple Choice Debit Accounts Receivable $4,300, credit Factoring Fee Expense S86; credit Cash $4.214 Debit Accounts Receivable $4.214; debit Factoring Fee Expense $86, credit Cash $4,300. Debit Cash $4.300; credit Factoring Fee Expense $86; credit Accounts Recevable $4300

The following information is from the records of Mountainview Camera Shop: Accounts receivable, December 31, 2018 Net credit sales for 2018 Accounts written off as uncollectible during 2018 15,000 Cash sales during 2018 41,000 The company uses the direct write-off method for bad debts. What is the amount of bad debts expense? OA. $62,000 B. $41,000 C. $15,000 D. $83,000 $83,000 (debit) 160,000

Rush Co has a credit balance of RM54 in Jack Co’s receivables ledger. Which of these would explain this balance? A. Rush Co received a credit note for RM54 from Jack but Jack posted in the account of Twice Co. B. Rush Co sent a cheque to Jack for RM46 in respect of an invoice of RM100. C. Rush Co paid an invoice RM54, even though this invoice was subsequently cancelled. D. Rush Co bought but returned goods to Jack, totaling RM54. A credit note is yet to be issued.

Vikarm

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Consider these transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) a. Tony's Restaurant accepted a Visa card in payment of a $175 lunch bill. The bank charges a 4% fee. What entry should Tony's make? b. Larkin Company sold its accounts receivable of $60,000. What entry should Larkin make, given a service charge of 3% on the amount of receivables sold? Account Titles and Explanation Debit Credit a. b. List of Accounts k

The accounting system of B. Ellen includes a sales journal, a purchases journal, a cash receipts journal, a cash payments journal and a general journal. The chart of accounts shows the following titles. Sales Returns and Allowances I Discount Received 100 Cash at Bank 410 I 110 I Accounts Receivable Control 1 420 --- --- i Prepaid Insurance Office Equipment i Accounts Payable Control Loan Payable I 115 1 500 i Purchases 150 503 Purchases Returns i Discount Allowed Rent Expense Insurance Expense 570 Sundry Expenses I 201 i 510 210 550 B. Ellen, Capital I 400 1 300 560 Sales During July, the transactions were as follows (ignore GST). July' 3 I Borrowed $35,000 from a bank. ---- .-. Purchased inventory on credit from Kelly Ltd. $4400, Invoice 312, terms 1/10, n/30 18 Sold inventory on credit to Leschev Ltd, $4500, terms 2/20, n/60, invoice 532 Received a credit note from Kelly Ltd. for inventory returned due to a defective unit i purchased on 6 July, $250 12 Issued a cheque (cheque no.…

Oriole Company sells merchandise on account for $7800 to Sunland Company with credit terms of 2/13, n/30. Sunland Company returns $1200 of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amount of the check? $6468 $7668 $7644 $6600

Organa Corp's T-account for cash, along with its beginning balance is presented below. The tran journal entries from the previous questions are shown below. Post the portions of the transact account below. If a transaction doesn't affect cash select N/A for both debits and credits colun cash select the appropriate amount in the appropriate column and N/A for the other column. 1. Organa Corp purchases $4,000 in supplies on account. 2. Organa Corp issues common stock in exchange for $52,200 cash. 3. Organa Corp pays $15,800 cash for rent in advance for the following 3 months. 4. Organa Corp used up $29,900 worth of supplies during the period. 5. Organa Corp pays its suppliers $16,400 for supplies purchased during the prior period Debits Credits Beginning Balance Transaction #1 Transaction #2 Transaction #3 Transaction #4 $81,600 #5 Ending Balance N/A $52,200 N/A Transaction N/A N/A $101,600 $4,000 N/A N/A N/A N/A

Flounder Company purchased merchandise on account from a supplier for $32,100, terms 2/10, n/30. Flounder Company returned $8,600 of the merchandise and received full credit. a. If Flounder Company pays the invoice within the discount period, what is the amount of cash required for the payment? EE 6-2 p. 288 SHOW ME HOW b. What account is credited by Flounder Company to record the return?